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  • Writer's pictureanalysiswatch

Title: Gold Up as Ukraine-Russia Peace Talks Show Some Signs of Progress

Mar 30, 2022 12:28AM ET

By: AnalysisWatch

Gold prices rose in Asia on Wednesday morning, but remained near the one-month low reached in the previous session. Peace talks between Russia and Ukraine showed progress, dampening the yellow metal's appeal as a safe haven. However, a weaker dollar and falling yields limited gains.

Gold futures rose 0.62 percent to $1,924 at 12:23 a.m. ET, following a 1.8 percent drop to $1,889.45 on Tuesday, the lowest since February 28. The dollar, which usually moves inversely to gold, was down on Wednesday, and yields on benchmark 10-year US bonds also fell from three-year highs.

Ukraine and Russia resumed face-to-face peace talks in Istanbul on Tuesday. During those talks, Russia promised to reduce military operations around Kiev and other cities. The US warned, however, that the threat was not over, even as Ukraine proposed adopting a neutral status as a sign of progress.

Holdings in the SPDR Gold Trust fell 0.2% to 1,091.44 tonnes on Tuesday.

In Asia-Pacific, Japan's Finance Ministry said it would ban gold shipments to Russia in response to the war in Ukraine. Data released earlier in the day also showed that Japanese retail sales fell 0.8% year-on-year in February 2022.

In other precious metals, silver slipped 0.2%, while platinum gained 0.1%. Palladium rose 0.4% to $2,157.72 after hitting a more than two-month low of $2,032.97 the day before.The autocatalyst metal has fallen about 40% since its all-time high on March 7th as concerns over Russian supply eased.

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